IPO Note - Lenskart Solutions Ltd - Reliance Securities

About the Company:

- Lenskart Solutions Ltd. was founded in 2008 and is a tech-enabled eyewear firm engaged in the design, manufacturing, branding, and retailing of prescription eyeglasses, sunglasses, contact lenses, and accessories.

- The company operates on a D2C model, selling a wide variety of eyewear under its own brands and sub-brands to all segments of the population and price points. During FY 2025, 105 new collections were introduced in the market, including co-operations with prominent brands and personalities.

- Production is based in Bhiwadi and Gurugram with backing regional facilities in Singapore and the UAE. This arrangement facilitates next-day delivery in 40 Indian cities and 3-day delivery in 69 cities for single-vision prescription eyewear.

- As of March 31, 2025, Lenskart had 2,723 stores in the world-2,067 in India and 656 abroad-with 1,757 owned stores and 310 franchised stores in India. Remote eye examination is available through 136 optometrists across 168 stores in India and select international markets, such as Japan and Thailand.

Our View:

Lenskart Solutions stands at a structural inflection point - shifting from a fast-growing D2C disruptor to a profitable, scaled omni-channel eyewear platform. With a large under-penetrated eyewear market, increasing formalisation, and global scalability through Owndays, Lenskart is well-positioned for multi-year growth. The brand's integrated supply chain, proprietary design capabilities, and deep technology stack create durable moats that few competitors can replicate at scale. Owing to such developments, we recommend to subscribe.

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Source : Equity Bulls

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